D-Wave Quantum (NYSE:QBTS) Trading Down 0.4% Following Insider Selling

D-Wave Quantum Inc. (NYSE:QBTS) dropped 0.4% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $5.55 and last traded at $5.56. Approximately 17,424,361 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 107,574,266 shares. The stock had previously closed at $5.58.

Specifically, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

QBTS has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. B. Riley upped their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a 50 day moving average of $5.73 and a two-hundred day moving average of $2.70. The stock has a market cap of $1.50 billion, a PE ratio of -13.29 and a beta of 1.16.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Spire Wealth Management purchased a new position in D-Wave Quantum during the 4th quarter valued at about $90,000. Strategic Advocates LLC acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $148,000. Sonora Investment Management Group LLC bought a new stake in D-Wave Quantum in the fourth quarter worth approximately $135,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter worth $488,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of D-Wave Quantum during the 4th quarter valued at $233,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.